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AFIC Share Price: Australia's Biggest Listed Investment Company, on the NZX

AFIC Share Price Today

The Australian Foundation Investment Company share price sits at about $7.72 NZD (NZX: AFI) in mid-June 2026. With a market capitalisation around $9.5 billion, AFIC is by far the largest entity in this series, a giant Australian listed investment company that is also quoted on the NZX so New Zealand investors can buy it directly.

AFIC is not a New Zealand business at all. It is a way for Kiwi investors to own a diversified slice of corporate Australia in a single trade, with a long history and a modest gross dividend yield around 4.8%.

What AFIC Is

Founded over a century ago, AFIC is a closed-end listed investment company that holds a portfolio of large, established Australian companies. Its holdings have traditionally been the blue chips of the ASX: the major banks, big miners like BHP, healthcare leaders such as CSL, and other top-100 Australian names.

Like New Zealand's own [Kingfish](/stocks/kingfish), AFIC pools investors' money into a managed portfolio and lists its own shares. The key differences are scale and focus: AFIC is vastly larger and invests across the Tasman, giving NZ investors low-cost, diversified exposure to the Australian market without opening an ASX brokerage account or managing currency themselves.

How to Think About It

The right lens for any listed investment company is its net tangible asset (NTA) backing, the per-share value of the portfolio it owns, rather than a conventional P/E ratio. AFIC publishes its NTA regularly, and the shares tend to trade close to that asset backing, sometimes at a small premium or discount depending on sentiment. AFIC is also known for very low management costs, a meaningful advantage over time compared with higher-fee funds.

Because the NZX quote is in New Zealand dollars while the underlying assets are Australian, currency movements between the NZD and AUD will affect the return a New Zealand investor experiences, on top of the performance of the portfolio itself.

Key Metrics

  • •Share price: ~$7.72 NZD
  • •Market cap: ~$9.5 billion NZD
  • •Gross dividend yield: ~4.8%
  • •Structure: closed-end listed investment company (Australian blue chips)
  • •Cost: historically very low management fees

What to Watch

  • •The Australian market: AFIC rises and falls with the ASX top 100, especially banks and miners, which dominate the index.
  • •NTA and premium/discount: Track the share price against published NTA to judge value.
  • •NZD/AUD exchange rate: Currency swings directly affect the New Zealand-dollar return.
  • •Dividends and franking: AFIC's dividends carry Australian franking credits, the benefit of which differs for NZ versus Australian tax residents.

The Bottom Line

AFIC offers New Zealand investors a simple, low-cost, diversified holding in Australia's biggest companies through a single NZX-listed security with a steady yield. The bull case is exactly that: broad blue-chip Australian exposure, a long track record, and rock-bottom fees. The bear case is that it is fully exposed to the ASX's heavy weighting in banks and miners, carries currency risk for Kiwi holders, and will never outperform the market by much given how closely it tracks it. It suits long-term investors who want core trans-Tasman diversification rather than excitement.

For how we evaluate listed investment companies and NTA, see our [methodology](/methodology).

*Disclaimer: This article is for educational and informational purposes only. It does not constitute financial advice. Stock data may not be real-time. Always conduct your own research and consult with a qualified financial advisor before making investment decisions.*